Tekcapital (TEK)

Sector:

IT Services

Index:

FTSE AIM All-Share

8.85p
   
  • Change Today:
    -0.15p
  • 52 Week High: 17.75p
  • 52 Week Low: 6.25p
  • Currency: UK Pounds
  • Shares Issued: 198.19m
  • Volume: 708,579
  • Market Cap: £17.54m

Tekcapital's Innovative Eyewear starts trading on Nasdaq

By Josh White

Date: Thursday 18 Aug 2022

LONDON (ShareCast) - (Sharecast News) - Intellectual property investor Tekcapital announced on Thursday that Innovative Eyewear, a subsidiary of its portfolio company Lucyd, had closed its $7.35m initial public offering.
The AIM-traded firm said the developer and retailer of smart, digital "cutting-edge eyeglasses and sunglasses" had closed its previously-announced initial public offering of 980,000 units, consisting of 980,000 shares and 1,960,000 warrants to purchase 1,960,000 shares, at a combined price of $7.50 per unit.

Each share was sold with two warrants, with each warrant to purchase one share with an exercise price of $7.50 per share

In addition, Innovative Eyewear granted the underwriters a 45-day option to purchase up to an additional 147,000 shares or warrants to cover over-allotments, of which Maxim Group had exercised its option to purchase additional warrants to purchase 294,000 shares.

The shares and warrants began trading on the Nasdaq Capital Market on 15 August under the symbols 'LUCY' and 'LUCYW', respectively.

Innovative Eyewear said it intended to use substantially all of the net proceeds from the offering for advancing its sales and marketing, expanding inventory, updating and producing in-store displays, developing new styles and sizes of its smart eyewear, and for working capital and other general corporate purposes.

"Innovative Eyewear is a developer and retailer of smart eyewear, which are designed to allow the users to remain connected to their digital lives, while also offering prescription eyewear and sun protection," Tekcapital said in its statement.

"The company believes that traditional frames, no matter how attractive, do not possess the functionality that many eyeglass wearers need and want.

"Smart eyewear is a multifunctional product that addresses the needs of the optical, hearables and digital assistant markets."

Tekcapital currently owns 100% of Lucyd, and 5,189,086 shares, or approximately 71% post-IPO, of its US operating subsidiary Innovative Eyewear.

At 1204 BST, shares in Tekcapital were up 2.22% at 29.9p.

Reporting by Josh White at Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Tekcapital Market Data

Currency UK Pounds
Share Price 8.85p
Change Today -0.15p
% Change -1.67 %
52 Week High 17.75p
52 Week Low 6.25p
Volume 708,579
Shares Issued 198.19m
Market Cap £17.54m

Tekcapital Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
19.71% above the market average19.71% above the market average19.71% above the market average19.71% above the market average19.71% above the market average
52.94% above the sector average52.94% above the sector average52.94% above the sector average52.94% above the sector average52.94% above the sector average
Price Trend
73.83% below the market average73.83% below the market average73.83% below the market average73.83% below the market average73.83% below the market average
70.21% below the sector average70.21% below the sector average70.21% below the sector average70.21% below the sector average70.21% below the sector average
Income Not Available
Growth
17.36% below the market average17.36% below the market average17.36% below the market average17.36% below the market average17.36% below the market average
15.91% below the sector average15.91% below the sector average15.91% below the sector average15.91% below the sector average15.91% below the sector average

Tekcapital Dividends

No dividends found

Trades for 28-Mar-2024

Time Volume / Share Price
16:20 5,000 @ 8.90p
15:49 1 @ 8.90p
15:46 10,000 @ 8.90p
15:45 114 @ 8.90p
15:40 100 @ 9.00p

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